The Manufacturers Life Insurance Company Sells 129 Shares of Preferred Bank (NASDAQ:PFBC)

The Manufacturers Life Insurance Company lessened its position in Preferred Bank (NASDAQ:PFBC) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,979 shares of the bank’s stock after selling 129 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Preferred Bank were worth $480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PFBC. CWM LLC lifted its position in Preferred Bank by 96.4% in the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after buying an additional 512 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Preferred Bank by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after purchasing an additional 201 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Preferred Bank by 44.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 9,224 shares of the bank’s stock valued at $696,000 after purchasing an additional 2,839 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in Preferred Bank during the second quarter valued at about $161,000. Finally, LSV Asset Management boosted its holdings in Preferred Bank by 121.0% during the 2nd quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after acquiring an additional 93,815 shares during the period. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens downgraded shares of Preferred Bank from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th.

Preferred Bank Price Performance

PFBC stock opened at $92.35 on Friday. Preferred Bank has a 1 year low of $66.88 and a 1 year high of $99.78. The company has a market cap of $1.33 billion, a P/E ratio of 9.25 and a beta of 0.96. The firm has a 50-day moving average of $89.37 and a 200 day moving average of $82.21. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.08 and a quick ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.07. The company had revenue of $132.88 million during the quarter, compared to analyst estimates of $68.80 million. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. During the same period last year, the business earned $2.71 EPS. On average, sell-side analysts forecast that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Monday, October 7th. Preferred Bank’s payout ratio is 28.06%.

Preferred Bank Company Profile

Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.